Union Minister Piyush Goyal sets 500 mn tonnes domestic steel production target by 2034

Union Commerce and Industry Minister Piyush Goyal, speaking at the 5th ISA Steel Conclave in New Delhi, set a target of 500 million tonnes of steel production by 2034.

He encouraged industry leaders to focus on economies of scale through decarbonisation, emphasising the growing demand for green steel.

According to the Ministry of Commerce and Ministry, Goyal offered three key recommendations for the domestic steel industry. First, he called for innovation in achieving low emissions, high productivity, and superior quality to position India as a leading global steel manufacturer.

Second, he urged the use of artificial intelligence (AI) to optimise production, minimise waste, and enhance efficiency throughout the value chain. Third, he encouraged integrating indigenous machinery to boost domestic production.

Highlighting the current decade as India's time to demonstrate innovation, inclusion, and collaboration across industries to achieve the vision of a developed India (Viksit Bharat), Goyal commended the steel industry for branding Indian steel as a 'Made in India' product, reflecting growing self-reliance (Atmanirbharta) and national pride.

He also stressed the need for a level playing field for domestic industries and mentioned that the Government would address the Carbon Border Adjustment Mechanism (CBAM) with steel industry leaders to promote sustainable manufacturing.

Goyal emphasised the Government's commitment to infrastructure investment and encouraged the industry to explore ways to reduce carbon emissions while maintaining high quality and productivity.

He reassured stakeholders that the Government is fully dedicated to protecting the interests of the steel industry, ensuring that capacity-building investments will yield long-term benefits.